2021 Vermont Laws Flashcards
VT transfer tax rates
1.45%
first 100,000 is taxed at .005 if principle residence (1-4 units) NOW $125,000
buyer pays
how many days allowed to deposit escrow funds or earnest money
5 banking days
how often do liceneses renew
every 2 years
CE hours due every 2 years
24 hours broker, 16 hours salesperson
act 250 development meaning
- involving more than 1 or 10 acres (depends on town)
- constructing 10 or more units in 5 years
- anything above 2500 ft
- municipal more than 10 acres
- exploration for fissionable materials
- drilling for oil
- support structures for broadcast
- substantial changes to something pre ‘70 that would have been included in this act
- withdrawal of 340,000 gallons of ground water/day
act 250 subdivision
- creating 10 or more lots within 5 miles
- creating 6 or more lots in a town without local zoning and subdivision regs.
- creating 5 or more lots within 5 miles by public auction
standards for act 250 permit issuance
- no undue water/air pollution
- sufficient water available & will not cause unreasonable burden on the supply
- will not cause unreasonable soil erosion
- will not cause unreasonable congestion (traffic)
- ” education
- “government services
- “natural beauty
- conforms with land use
- conforms with local/regional plan
sign rules by owner or agent
6 square feet total and cannot say sold, sale pending, sale under contract etc
on premise sign size allowed
not more than 150 square feet
An on-premise sign shall not be located more than fifteen hundred feet from a main
entrance from the highway to the activity or premises advertised.
how high is an on premise sign allowed to be
shall not extend more than twenty-five feet above the ground level or, if
the sign is attached to or is part of a building, ten feet above the roof of the building. However, this
limitation does not apply to signs existing on November 1, 1967.
land gains tax
- This law applies to all SALES where the seller has not HELD the property for at least 6 years.
- seller pays within 30 days of date of transfer
- based on gain
- exempt if it was the sellers primary residence or will be the buyers
- only applies if the seller has subdivided
witholding tax
When a non-resident of Vermont sells real property located in Vermont, the buyer is
required to WITHHOLD 2 ½ % of the gross sales proceeds and to transmit that amount to the Vermont
Department of Taxes within 30 days of such sale. A seller is considered to be a non-resident if ON THE DAY
OF CLOSING s/he is not residing in Vermont. As a general rule, business entities such as corporations are
non-residents if the controlling interest is held by non-residents. The seller would subsequently file a
Vermont income tax return and seek a refund of any overpayment within the normal framework of State
income tax law. A seller who can prove that no income tax will be due can apply in advance for no
withholding at all. This would require an advance certificate from the Commissioner of Taxes.
uninterrupted time to establish title to real property by adverse possession in VT
15 years
how many members on the VT RE commission and how many year terms
seven members, 5 year term
what is the clean slate date exemption for functioning onsite potable water supplies and wastewater systems
1/1/07
